Exciting News

November 3, 2005

Dear Members of the Tufts Community,

I am pleased to announce that Pierre and Pam Omidyar have made an extraordinary gift of $100 million to form a unique partnership with Tufts. Their endowment gift - the single largest in the history of Tufts - will underwrite a partnership between Tufts and Pierre and Pam to make investments designed to empower people in developing countries to lift themselves out of poverty. We hope the Omidyar-Tufts Microfinance Fund will demonstrate that microfinance can be commercially viable, and in the process draw additional capital into this market.

This fund clearly demonstrates that it is possible to do well by doing good. We expect Pierre's innovative idea to empower millions of people in developing nations - and to generate significant income to Tufts as the microfinance investments produce returns. Fifty percent of the investment income from the Omidyar-Tufts Microfinance Fund will be available for Tufts to use in support of both our faculty and students. The remaining income will be reinvested in microfinance. We expect to use the returns generated by the Fund to create a loan forgiveness program for graduates pursuing careers in public service, to create a funded internship program for students working in the non-profit sector, and to support additional investments in financial aid. Faculty will also benefit from this program with additional support for their teaching and research.

The creation of the Omidyar-Tufts Microfinance Fund follows the $25 million challenge grant for financial aid that Pierre and Pam made earlier this year as well as their previous support of the University College of Citizenship and Public Service. In aggregate, the Omidyars' philanthropic commitments to Tufts exceed $143 million. Pierre and Pam are also generous with their time and expertise in their roles as volunteer leaders of the university.

On behalf of the entire Tufts community, I would like to thank Pierre and Pam for their extraordinary philanthropy, and for being such inspiring global citizens. We are proud to be their partners in the Omidyar-Tufts Microfinance Fund.

More information on this gift can be found at www.tufts.edu/microfinancefund.

Sincerely,
Lawrence S. Bacow
President

Please note: If you wish to reply to this message, please send your email to bacow@tufts.edu.

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	v 2005 Memos > Message from President Bacow > Assistance for Tulane students > Update: Hurricane Relief and Tulane University Students > Good News > Summer News and Updates > Exciting News	Home » Community Memos » 2005 Memos » Exciting News Exciting News November 3, 2005 Dear Members of the Tufts Community, I am pleased to announce that Pierre and Pam Omidyar have made an extraordinary gift of $100 million to form a unique partnership with Tufts. Their endowment gift - the single largest in the history of Tufts - will underwrite a partnership between Tufts and Pierre and Pam to make investments designed to empower people in developing countries to lift themselves out of poverty. We hope the Omidyar-Tufts Microfinance Fund will demonstrate that microfinance can be commercially viable, and in the process draw additional capital into this market. This fund clearly demonstrates that it is possible to do well by doing good. We expect Pierre's innovative idea to empower millions of people in developing nations - and to generate significant income to Tufts as the microfinance investments produce returns. Fifty percent of the investment income from the Omidyar-Tufts Microfinance Fund will be available for Tufts to use in support of both our faculty and students. The remaining income will be reinvested in microfinance. We expect to use the returns generated by the Fund to create a loan forgiveness program for graduates pursuing careers in public service, to create a funded internship program for students working in the non-profit sector, and to support additional investments in financial aid. Faculty will also benefit from this program with additional support for their teaching and research. The creation of the Omidyar-Tufts Microfinance Fund follows the $25 million challenge grant for financial aid that Pierre and Pam made earlier this year as well as their previous support of the University College of Citizenship and Public Service. In aggregate, the Omidyars' philanthropic commitments to Tufts exceed $143 million. Pierre and Pam are also generous with their time and expertise in their roles as volunteer leaders of the university. On behalf of the entire Tufts community, I would like to thank Pierre and Pam for their extraordinary philanthropy, and for being such inspiring global citizens. We are proud to be their partners in the Omidyar-Tufts Microfinance Fund. More information on this gift can be found at www.tufts.edu/microfinancefund. Sincerely, Lawrence S. Bacow President Please note: If you wish to reply to this message, please send your email to bacow@tufts.edu.
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